Pre-Forcloure Question default

[Orlando Cortez]

Afternoon Everyone I’m looking at properties in pre-foreclosure estimated value is 465,000 original loan was for 326,463 the beauty is there’s 138,537 in equity the owner has been served an nod non payment of $17463....can someone walk me through how to make this work full disclosure I have not reach out to the owner yet just the details I was able to pull

Or is it better to find something with a lower original loan and default can you purchase the default the default amount or does it because a discount off the original loan that the owner still has to pay?

[Christopher Phillips]

@Orlando Cortez

No problem.

The value of a house as nothing to do with the mortgage. You offer what you feel the property is worth based on similar size (beds and baths and interior square footage)/style/condition homes in the area. As long as they have equity, then it's a normal purchase for you. You just need to get the comparative homes to come up with a price. Zillow is a good place to find comps. Usually 3 recently sold and 3 listed. Within 1/2 mile of the subject if you can. Up to a mile in suburban areas.